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The House of Representatives is scheduled to vote on the $825 billion stimulus package today. While Republicans and Democrats are split on the programme, the legislation is likely to pass.

Call it Bank of America, the sequel. Wells Fargoreported losses of $2.55 billion in the fourth quarter, if one opts not to factor in the Wachovia hit. Wachovia, which Wells Fargo acquired at the end of the year, lost over $11 billion. Still, Wells Fargo announced that it was in a “comfortable” position, as it had realistic expectations for the newly purchased bank.

The recession does not discriminate. A recent report by the Department of Labor reveals that joblessness has risen in every American state. While the problem is gravest in the Rust Belt and the western region of the country, previously spared areas have seen a sharp rise in unemployment in recent months.

And the cool kids at Davos snubTimothy Geithner for his China faux pas. Mr Geithner’s suggestion that a strong American dollar is in the nation’s best interest was referred to as “economic suicide”, by one Morgan Stanley executive. The attendee followed up, “I’ve never seen an economy in recession voluntarily raise their currency. It’s horrible advice.”